Adelaide properties are spending 11 fewer days on the market than they were a year ago, with houses and units both selling faster than they have in the first three months of the year over the past decade.
Latest CoreLogic figures reveal the median days on market for properties in Adelaide was 41 for the March 2021 quarter – down on the 52 days recorded during the March 2020 quarter.
Houses are selling slightly faster than units, with the median days on market for each during the first three months of the year standing at 41 and 44 respectively.
Both were down on previous years, when houses recorded 49 days in the March 2020 quarter and 63 days in the March 2019 quarter, while units notched 53.5 and 68 days in the same periods.
CoreLogic research director Tim Lawless said the figures were at a decade-low for the March quarter.
“The median selling time for both houses and units reached the lowest level in at least a decade through the March quarter,” he said.
“Such a rapid selling time is reflective of tight stock levels.
“Total listing numbers remain about 33 per cent below the five year average across Adelaide at a time when the number of home sales is trending about 22 per cent higher than a year ago.
“With buyer demand outweighing advertised supply levels, the market is skewed towards sellers, which is reflected in rapid selling time for private treaty sales, low discounting rates and high auction clearance rates.”
Fox Real Estate agent Marina Ormsby said a spike in auctions to take advantage of the strong demand was helping properties sell faster, while buyers were acting more quickly to avoid missing out.
She said keeping a close eye on new properties that hit the market, attending open inspections and working with real estate agents, as well as being financially prepared to make unconditional offers would help househunters secure a home.
“Those (unconditional) offers will have a lot more strength than conditional offers,” she said.
“Being organised is the key.
“If they’re looking to seriously purchase in the current market, (buyers) need to have their finger on the pulse.”
Colonel Light Gardens was Adelaide’s fastest selling suburb, with realestate.com.au data in the year to the end of March 2021 showing houses in the area were spending a median of 16 days on the market.
It was followed by houses in Lower Mitcham (17), Clarence Gardens and Myrtle Bank (both 23), Cheltenham (24) and Bridgewater (25).
ADELAIDE’S FASTEST SELLING SUBURBS
(Suburb, property type, number of sales in the past 12 months, median price, median days on market)
1. Colonel Light Gardens – H, 36, $900,000, 16
2. Lower Mitcham – H, 39, $800,000, 17
3. Clarence Gardens – H, 29, $655,000, 23
Myrtle Bank – H, 35, $1.1 million, 23
4. Cheltenham – H, 17, $548,000, 24
5. Bridgewater – H, 79, $562,000, 25
6. Kingswood – U, 14, $407,500, 26
7. North Plympton – H, 61, $575,000, 28
8. Clarence Park – H, 26, $767,600, 29
Hazelwood Park – H, 40, $1.096 million, 29
Glenside – H, 31, $855,000, 29
9. Hyde Park – H, 28, $1,148,800, 30
10. Goodwood – U, 26, $330,000, 31